Nio launches $30,000 Onvo SUV to challenge Tesla Model Y in China

Nio launches $30,000 Onvo SUV to challenge Tesla Model Y in China

SHANGHAI — Chinese electric vehicle maker Nio on Wednesday launched the first vehicle in its new lower-priced brand Onvo which aims to compete there with Tesla's Model Y, the world's best-selling EV. Nio unveiled the Onvo L60 SUV with a sticker price starting from 219,900 yuan ($30,476), 12% below the price of Tesla's Model Y which starts at 249,900 yuan in China. Nio plans to start delivery of the Onvo L60 in September. Chief executive William Li introduced the Onvo …